Thursday, August 20, 2009

Sandestin Short Sale Approved by EMC, Beachside II

Lender: EMC

Original Purchase Price 2005: $800,000
Mortgage Amount: $640,000
Approved Sale Price: $300,000

Notes: Initial contract price was $359,000. Buyer was obtaining a Fannie Mae mortgage. Fannie Mae would not approve the Beachside II condo project for financing due to an outstanding lawsuit against the homeowners association. New Fannie Mae guidelines require analysis of the project where financing is sought, even for existing condominums. Since buyer was unable to get a Fannie Mae mortgage, EMC approved a reduced $300,000 cash purchase price.

To avoid foreclosure and sell your Sandestin home or condo as a short sale, contact an experienced real estate agent who specializes in short sales.

It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]

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